Downtown Miami has always been overshadowed by its more popular neighbors such as South Beach and Brickell. However, this neighborhood gem is actually one of the fastest growing city in Miami. What was once considered as a strict financial district is gaining huge population increase for families and young professionals. In fact, the population is at an all-time high with an estimated increase of 19% in the next 4 years. In response, the area could potentially have a higher demand for condo accommodation.
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Miami is synonymous with luxury. Over the past few years, we have seen the boom in luxurious condo constructions such as the Armani Residences, The Ritz-Carlton Sunny Isles, and The Aston Martin Residences. Let’s have a look at some numbers to feel the current market trend.
The trends we can see are that the condos take longer to sell and the sales volume have dropped. It took 54 days longer for a condo to be sold in 2017 than in 2016 in the South of Fifth neighborhood. The days needed to sell a unit in other neighborhoods such as Brickell and Fisher Island have also increased by more than 30%. Read the rest of this entry »